Pakistan is considering launching a rupee-backed stablecoin as experts warn that delays in regulating digital assets could cost the country as much as $25 billion in lost economic opportunities.
According to a report by local news outlet Daily Times, Pakistan Banks Association (PBA) President Zafar Masud said on the Sustainable Development Policy Institute (SDPI) conference on Friday that the country could unlock $20 billion to $25 billion in crypto-related growth.
Pointing to the booming global stablecoin market, Masud added that Pakistan is “seriously considering a rupee-backed stablecoin” and that a central bank digital currency (CBDC) could improve access to finance while reducing remittance costs.
Faisal Mazhar, Deputy Director of Payments on the State Bank of Pakistan, revealed that a CBDC prototype is already being developed with support from the World Bank and the International Monetary Fund (IMF), with a pilot phase planned before full launch.
ZAR goals to supply stablecoins to the unbanked people of Pakistan
Pakistan's plan to launch its own stablecoin comes shortly after ZAR, a fintech startup working to make dollar-backed stablecoins accessible to on a regular basis users in Pakistan and other emerging markets, raised $12.9 million in a funding round led by Andreessen Horowitz (a16z).
Other investors included Dragonfly Capital, VanEck Ventures, Coinbase Ventures and Endeavor Catalyst. Targeting Pakistan's 240 million residents, where over 100 million adults remain unbanked, ZAR goals to shut the financial inclusion gap through access to stablecoins.
As Cointelegraph reported, Pakistan moved up six places to secure the third spot in Chainalysis's Global Crypto Adoption Index 2025. With this, Pakistan cemented its status as considered one of the fastest growing cryptocurrency markets on the earth.
Pakistan ranks third in global cryptocurrency adoption. Source: Bilal Bin Saqib
Pakistan invites global crypto firms to use for licenses
In September, Pakistan opened its doors to international crypto exchanges and virtual asset service providers (VASPs), inviting them to use for licenses under a brand new federal regulatory framework.
The Pakistan Virtual Asset Regulatory Authority (PVARA) invited leading firms to submit Expressions of Interest (EoIs) to assist shape the country's emerging digital asset industry. PVARA was established under the Virtual Assets Ordinance 2025 and is tasked with licensing, regulating and monitoring VASPs.
